10 Home Improvements with the Highest ROI

 

First impressions last, and your home's landscaping has a huge impact on your home's curb appeal. Overgrown shrubbery and an un-mowed lawn will leave a potential buyer to wonder what else has been neglected in the home. A little weeding, mulch, and replacing the overgrown shrubbery will go a long way. Some flowering plants around the front entrance will add a strategically placed and very effective pop of color. Adding a paved stone walkway and patio or some accent lighting can also add major value to the property.

 

 

Does Hardwood Flooring increase home value? The answer is YES! In fact, according to data from the National Association of Realtors, 54% of home buyers are willing to pay more for hardwood floors when buying a house.

 

 

Can it really be this simple? Actually sometimes, YES. Paint is one of the top affordable upgrades a homeowner can make to invest in their home both inside and out. Be sure to choose attractive neutral colors.

 

 

Your home's exterior is the first thing a buyer sees, and the roof plays a big part in the home buyer's first impression. Although a new roof can be pricey, not getting a new roof (when it's needed) may ultimately cost you more when listing your home. A home needing a new roof may get fewer offers and a reduced offer price. If you think your roof will cause issues during the home selling process, replace it before listing. Here are some tell-tale signs that you may need to repair or replace your roof:

 

• Leaks
• Buckled or Cracked Shingles
• Sagging Roof
• Wind or Hail Damage

Replacing a roof recovers 107% of its cost at resale, according to NAR.

 

When you are renovating with resale in mind, the goal is to get the biggest bang for your buck. Buyers are looking for freshly updated spaces with functionality and style in mind. Remodeling a bathroom before resale can help attract more buyers; in fact, many sellers update their bathrooms before selling. That being said, fix what doesn't work first, and try not to over improve. Even minor improvements can have a big impact.

 

• Deep clean and recaulk bathroom surfaces
• Paint or reface bathroom cabinets
• Update with new matching hardware and fixtures
• Replace old or damaged countertops
• New tub, toilet, and/or tile
• Add new lighting
• Remove dated wall coverings and apply a fresh neutral coat of paint

According to HGTV, a minor bathroom remodel averages a 102% return on your investment.

 

The energy efficiency, low maintenance and cold-blocking powers of a metal front door will appeal to potential buyers. Steel and fiberglass doors are secure and energy efficient while boosting curb appeal substantially. In fact, it is one of the most cost-efficient home upgrades that you can do.

 

 

It is said that a new Garage Door practically pays for itself when selling a home. From the improved functionality to the increased beauty and aesthetic, you stand a good chance of getting a 95% return on your investment.

 

You've probably heard the saying that "kitchens sell houses", and for the most part, it's true. Homebuyers are certainly paying attention to the kitchen, and some may even have a list of must-haves. However, when preparing to list your home, spending tens of thousands of dollars on a full kitchen remodel may not be the best investment. Unless your kitchen is extremely dated or dysfunctional, a minor kitchen remodel may do the trick.

 

 

Exterior renovations typically have an excellent return on investment. In fact, an outdoor kitchen can have an ROI of 100-200%. Outdoor spaces have become increasingly important (especially within the last year), and an outdoor kitchen is in high demand. This upgrade may not bring them in the door, but it will certainly help in bringing in the offers.

 

Instead of leaving the dark and dingy basement for only storage, remodel it and turn it into a selling point. Many buyers are actively seeking homes with finished basements. In a competitive market, this could give your home advantage. That being said, understanding how home basements will appraise and your local ordinances are of key importance.

 

Averages 70% return on your investment.

 

Although this improvement does not rank as high as others in regard to ROI, don't underestimate its importance. Closet space (or again, lack thereof) should not be overlooked. Most home buyers are paying close attention to the closet space, particularly in the master bedroom. Investing in some closet organization may be money well spent. Spacious and organized closet space will help you sell your home faster.

 

• Declutter. If you have not worn that item in 2 years, it may be time to donate or sell.
• Follow the Half Full Rule. Make sure to leave free space on your closet shelves and some empty hangers on the rod to give the appearance of plenty of closet space.
• Pay attention to the closet floor as well and get rid of the extra shoes and belongings.
• If necessary, put some out-of-season closet items in a storage facility while your home is on the market.
• Paint the closet a light color and make sure there is adequate lighting

Sources: NAR 2019 Remodeling Impact Report, HGTV, Homelight, Zillow